Automobile major Mahindra & Mahindra has reported that bookings for ‘All-New Thar’ SUV has now crossed 15,000 bookings, since its launch on October 2, 2020.
“Today 57 per cent of all buyers of the All-New Thar are first time car buyers and a significantly large share of all bookings are for the automatic variants,” the company said in a statement on Monday.
The all-new Thar will be available in two trims, namely “AX & LX”, with prices starting at Rs 9.80 lakh for AX series and Rs 12.49 lakh for LX series.
It is powered by two all-new engines “the 2.0L mStallion TGDi” petrol engine, and “the 2.2L mHawk” Diesel engine.
“These engines are offered with a choice of 6-speed manual transmission or 6-speed torque converter automatic transmission, with an authentic 4×4 manual shift transfer case with a low ratio,” the company had said on Oct 2nd.
The deliveries of the SUV will commence from November 1, 2020.
Mohamed Hassan Al Suwaidi (R), Chief Executive Officer of ADQ, and Yusuff Ali MA, Chairman of Lulu Group signing the agreement.
ADQ to invest US$ 1 billion in Lulu Group for Expanding in Egypt. Under the terms of the agreement, ADQ and LIHL will work to collectively develop up to 30 hypermarkets and 100 express minimarket stores as well as state-of-the-art logistics hubs, distribution and fulfilment centres to strengthen the retailer’s ecommerce business across Egypt … reports Asian Lite News
Abu Dhabi based Lulu Group is consolidating its premier position in the Middle East retail market. Investment giant ADQ has entered into a non-binding agreement with Lulu International Holdings (LIHL) paving the way for an investment supporting LIHL’s expansion of operations in Egypt of up to USD 1 billion.
This is over and above the US$ 1 billion ADQ had earlier this year invested in Lulu Group.
The agreement was signed by Mohamed Hassan Al Suwaidi, Chief Executive Officer of ADQ, and Yusuff Ali MA, Chairman of Lulu Group, the leading hypermarket & supermarket chain in the Middle East. ADQ is one of the region’s largest holding companies with a broad portfolio of major enterprises spanning key sectors of Abu Dhabi’s diversified economy.
Under the terms of the agreement, ADQ and LIHL will work to collectively develop up to 30 hypermarkets and 100 express minimarket stores as well as state-of-the-art logistics hubs, distribution and fulfilment centres to strengthen the retailer’s ecommerce business across Egypt. It is estimated that this expansion will create up to 12,000 jobs, fostering economic and social growth throughout the country.
Lulu Group is one of the largest retail organizations operating 194 hypermarkets and shopping malls across GCC, Egypt and Far East with more than 55,000 employees serving approx. 1.6 million shoppers a day. It also has sourcing operations and food processing units in different parts of the world, including US, UK, Spain, Africa, China and others Far Eastern countries.
“Our agreement with Lulu International Holdings reflects our wider commitment to investing in Egypt, following the announcement of our joint investment platform with the Sovereign Fund of Egypt agreed late last year,” said Mohamed Hassan Al Suwaidi, Chief Executive Officer of ADQ. “The phased roll-out of multiple retail stores would provide significant socio-economic benefits to local communities across the country, as well as bolster the quality and range of products available to Egyptian consumers. We are pleased to be able to give further support to the co-operation that already exists between the UAE and Egypt.”
Headquartered in Abu Dhabi, ADQ was established in 2018 as a public joint stock company (PJSC). It holds a broad portfolio of major enterprises spanning key sectors of Abu Dhabi’s diversified economy, including utilities, tourism and hospitality, aviation, transportation, logistics, industrial, real estate, media, healthcare, food and agriculture, and financial services.
“Egypt is a very important growth market for us, and we see great potential for our future business there,” said Yusuff Ali MA, Chairman of Lulu. “Our agreement with ADQ will better position us to continue our rapid expansion of our operations across Egypt. I take this opportunity to thank the leadership of Abu Dhabi and ADQ for their support to expand Lulu’s operations in Egypt which will immensely benefit the country and its citizens.”
In November 2019, the launch of a joint strategic investment platform worth $ 20 billion, to be funded equally by ADQ and the Sovereign Fund of Egypt, was announced. The platform aims to establish joint strategic investment projects, as well as specialized funds and investment tools in several key sectors such as food and agriculture, healthcare, mobility and logistics, and utilities.
Liverpool FC have confirmed that defender Virgil van Dijk would need an operation after damaging his cruciate knee ligaments during Saturday’s 2-2 draw away to Everton.
van Dijk was injured in the sixth minute of the game after a bad challenge from Everton keeper Jordan Pickford and was pictured in the evening leaving hospital on crutches, reports Xinhua news agency.
The club did not say when the operation will take place or how long the 29-year-old Dutch international will be out of action. Many predict he is unlikely to play again this season.
van Dijk’s injury is a huge setback for Liverpool given that he had not missed a minute of Premier League football since September 2019 until Saturday’s accident. The Dutchman played a vital role in Liverpool’s first league title in 30 years.
The Dutchman’s replacements include 23-year old Nat Phillips, who has only one FA Cup appearance for the club, and the promising but very inexperienced 17-year-old Billy Komentio. Jurgen Klopp also indicated that midfielder Fabinho could provide defensive cover.
Lending major HDFC Bank on Saturday reported a 18.4 per cent increase in standalone net profit for the quarter ended September 30 of FY21 on year-on-year (YoY) basis.
The bank’s net profit for the second quarter of FY21 rose to Rs 7,513.1 crore on a YoY basis.
“While the previous quarter largely bore the brunt of the COVID-19 pandemic, some of the softness continued into the current quarter, leading to lower retail loan origination, use of debit and credit cards by customers, efficiency in collection efforts and waivers of certain fees,” the bank said in a statement.
“As a result, fees or other incomes were lower by approximately Rs 800 crore. However, the loan and card momentum has improved over the previous quarter, thereby reducing the gap to less than half,” it added.
Besides, the bank’s net interest income (interest earned less interest expended) for the quarter ended September 30 grew by 16.7 per cent to Rs 15,776.4 crore from Rs 13,515.0 crore for the corresponding period of the previous year.
“The bank’s continued focus on deposits helped in the maintenance of a healthy liquidity coverage ratio at 153 per cent, well above the regulatory requirement,” the statement said.
As per the statement, the bank continues to hold provisions as on September 30, 2020 against the potential impact of COVID-19 based on the “information available at this point in time and the same are in excess of the RBI prescribed norms”.
The bank held floating provisions of Rs 1,451 crore and contingent provisions of Rs 6,304 crore as on September 30, 2020.
“Total provisions (comprising specific, floating, contingent and general provisions) were 195 per cent of the reported gross NPAs or 154 per cent of proforma gross NPAs as on September 30, 2020,” the statement said.
In terms of the Q2FY21 consolidated financial results, the bank reported net profit of Rs 7,703 crore, up 16 per cent over the quarter ended September 30, 2019.
Besides, consolidated advances grew by 14.9 per cent from Rs 9,47,440 crore as on September 30, 2019 to Rs 1,088,948 crore as on September 30, 2020.
Apple is expected to witness 15 per cent iPhone growth next fiscal year and the primary wave of Apple 5G telephones has placed the ball in carriers and builders court, research-driven US venture capital firm Loup Ventures has forecast.
“While we believe it will take carriers years to build a compelling 5G infrastructure, Apple is ready today with a lineup of phones that should enjoy a three-year upgrade cycle, compared to a typical one-year duration,” wrote Gene Munster and David Stokman.
“Additionally, the company continues to advance augmented reality. We see the combination of AR and a 5G iPhone as the basis for why Apple is the best way to invest in 5G”.
According to a report in DigiTimes, Apple iPhone 12 series shipments are expected to reach as many as 80 million units by the end of the year owing to more affordable pricing strategy.
Shipments of the new iPhone lineup, including the iPhone 12, iPhone 12 mini, iPhone 12 Pro and iPhone 12 Pro Max, will at least top 70 million units by the end 2020, with the possibility of hitting 80 million barring a further escalation of the US-China trade conflicts, it reported.
According to Munster and Stokman from Loup Ventures, “We imagine the variety of iPhones which are three years or older has elevated by 90 million items over the previous year, which supplies a tailwind for iPhone demand within the coming year”.
“We stay snug with our 15 per cent iPhone unit development estimates for FY21, which might be a rise from 1 per cent in FY20,” the duo predicted.
Apple this week launched four new iPhone 12 models with 5G capability.
Foxconn remains Apple’s main iPhone assembler, and has secured the bulk of orders for the new iPhone 12 series through the first quarter of 2021.
Foxconn is also the sole supplier of the 6.7-inch iPhone 12 Pro Max and is estimated to be handling over 70 per cent of the orders for the 6.1-inch iPhone 12 and iPhone 12 Pro.
PHD Chamber of Commerce and Industry President Sanjay Aggarwal. (twitter@Sanjayaggrwl)
The newly appointed President of the PHD Chamber of Commerce and Industry, Sanjay Aggarwal has called for the Indian government to step in and spend more on infrastructure projects. He also said that this is not the time to think of limits set by the FRBM Act.
Describing the Indian economy as “resilient”, President of the premier industry body said that the damage caused by the coronavirus pandemic and the eventual nationwide lockdown was huge.
He said that there is massive requirement of public expenditure, that too from the Centre, as states are not in a good shape in terms of their finances.
Aggarwal was of the view that the government’s policies in terms of lockdown and unlock were very much required.
He observed that the 23.9 per cent contraction in the Indian economy in the April-June quarter was a huge loss, but improved indicators in September, including GST collections, auto sales and export numbers gave an optimistic outlook.
Citing the increase in digital payments and automobile sales along with reports of decrease in job losses by September-end, Aggarwal told IANS that there is resilience in the Indian economy.
“The point is that the resilience is there, but the damage has been huge. The gap that has been caused, the hole that has been dug, is going to need a lot of filling,” Aggarwal said.
Appreciating the National Infrastructure Pipeline (NIP) announced last year by the government, he said that now is the time for investments to be made through the pipeline.
The industry body chief said that it is not the time now to spend keeping in mind the limits under the FRBM Act.
“This (NIP) is something that now needs to be taken up in all seriousness and the expenditure has to be frontloaded rather than backloaded,” Aggarwal said, observing that the Centre should on an urgent basis make investments, as private investments are unlikely at this juncture and states also are not in a good shape financially.
Aggarwal noted that there might be an impact on fiscal deficit but this is not the time to think of limits set by the Fiscal Responsibility and Budget Management Act.
“There may be an impact on the deficit, but if you look at the world economy, people have gone up to 20 per cent of the economy for the Covid relief measures. Our budgetary support to the Covid relief measures is not more than 1.5 per cent,” he said.
Qasr Al Watan ”Al Watan Palace” is set to re-open its doors to the public on 20th October, 2020. The Palace offers access to the public wishing to embark on the journey of a nation, an experience unlike any other.
The long-anticipated reopening will include the implementation of strict precautionary measures for the safety of guests during their time at Qasr Al Watan; these measures will include mandatory online booking to ensure that the limited capacity is adhered to. Additionally, throughout the cultural experience, guests will be asked to maintain social distancing, wear face masks and sanitise hands regularly.
Further precautions will include thermal screening cameras, safe distance signage in all areas, modified capacity inside each exhibition, and modified dining and shopping experiences. Guest services attendants will be stationed throughout the Palace to assist visitors and answer any questions.
Qasr Al Watan operational hours will be Sunday, Tuesday and Wednesday from 10:00AM to 6:00PM and 12:00PM to 7:30PM from Thursday to Saturday. The Palace will be closed on Mondays.
Qasr Al Watan’s entertainment, such as the Palace in Motion Sound and Light show, will take place on Thursday, Friday and Saturday evenings. However, the Symphony of the Nation marching band will not be performing and the Qasr Al Watan Library will remain closed until further notice.
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The Kingdom of Saudi Arabia has allowed its citizens and residents to perform Umrah at 75 percent capacity as part of its second phase of gradual resumption of the pilgrimage, said the Saudi Press Agency, SPA.
Citizens and residents on Sunday performed Al Fajr prayers at the Grand Mosque with the start of the second phase of gradually allowing citizens and residents to perform Umrah.
The Ministry of Hajj and Umrah, in cooperation with the relevant authorities, have stepped up the preparations to serve the pilgrims in accordance with the highest quality standards. The authorities have taken all precautionary measures, and used all technical systems and electronic programmes to ease the procedures and offer all services promptly and efficiently.
According to the executive plan drawn up by government agencies, the second phase of the resumption of Umrah and the visit will witness greater numbers than the first phase, by 15,000 Umrah performers and 40,000 worshipers per day as a maximum.
The pilgrims will also be allowed to pray at Al-Rawadah Al-Sharifah, inside the Mosque of the Prophet Muhammad by 75% of the capacity that takes into account the precautionary health measures at Al-Rawadah Al-Sharifah of the Prophet’s Mosque.
